Thanks Kevin, here are some specific info about my environment:
Premiere Pro Version 2014.0.1 8.0.1 (21) Build
No updates available
Mac OSX 10.8.5
Source footage: Sony AVCHD 59.94 fps MTS files
Files imported directly from complete folder/file structure copied from camera
In new project created in the old version 7.2.2, these same imported files work OK
Out of sync issue occurs in source preview and in timeline
Best description is an old record with scratch that continues to skip ahead and finishes about 50% ahead of the video playback